Jewellery Beyond Imagination.

Disclaimer

This Investor Presentation has been prepared by Guiness Securities Limited in consultation with Moksh Ornaments Limited and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of Moksh Ornaments Limited, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information. Also, no representation or warranty, express or implied, is made that such information remains unchanged in any respect as of any date or dates after those stated herein with respect to matters concerning any statement made in this Investor Presentation. Moksh Ornaments Limited. may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Moksh Ornaments Limited. This presentation is strictly confidential. The earlier versions of this presentation, were in draft form, and should not be circulated or referred to by any person.

Company overview

Business Overview

• Moksh Ornaments was incorporated in 2012

• Manufactures bangles, vertical beads and gold chain

• More than 3 decades of professional experience in the Jewellery industry

• One of the Leading manufacturers of gold Bangles in India with the highest number of

designs spread across the fashion needs of western and southern India

• Diversification into Vertical Bead gold Chain

• Large Customer Base with strong customer retention and generous market share

Major Products

Bangles

• Plaster Bangles

• Marwadi Chudi

• Pipe Bangles

• Nakshi Kada

• Holo Bangles

• Half Round Bangles

• Bhagwan Bangles

Vertical Chains

• Round Beads Vertical Chain

• Plain Chains

• 7gms Chain (South)

Mangal Sutra

• Nylon M.S. Super Fine

• Short Fancy M.S.

Manufacturing Capacity/Product Mix

55% 20%

15%

10%

Product Mix

Bangles Vertical Chain Nylon Mangal Sutra Bullion

Note :- Vertical Chain Started From April 2017

0

10

20

30

40

50

60

Bangles Vertical Chains Mangal Sutra

2016

2017

2018Capaci

ty in

Gold

Kg/ M

ont

h

Manufacturing Capacity

Manufacturing Process

Purchase Gold Bars From registered

Supplier or through gold Loan A/c.

Voucher Creation in the name of Job-

worker and transfer to job worker.

Melt Pure Gold and turn into 92% purity

by alloy mixing.

Wire Drawing & Stamping.

Die Casting Design Fabrication

on Black Wax.

POP Soldering, Polishing

& Cutting

Final Hallmarking , Stamping of MO

Brand on the product.

Second Quality Check

Packaging Delivery to the customer

Key Customers

Swot Analysis

Strength :-

One of the top Manufacturers of Gold Bangle Ornaments.

Experienced Management and well qualified and experienced team.

Diversification in Vertical Chains

Geographically covering large areas of South and west India

Weakness :-

Highly Working Capital Intensive

Dependency on Skilled Labour

Opportunities

Large Potential Growth Expected in the jewellery market in India.

Potential to Launch new Product lines using the same distribution and customer base.

World’s Largest Consumption led domestic Market.

Large Opportunities to start exporting to Middle East Countries.

Threat

Low Entry Barrier for manufacturing gold ornaments.

Government Policy Intervention.

Possibility of easy imports.

Volatility in Gold Prices.

Business Strengths

Enhancing our customer Base

Modernization and Up

gradation of our

Manufacturing & Sales Process

Enhancing our Design Teams.

Hallmarked Products &

Outstanding Designs.

With the Growth of retail jewellery

brands in India, the demand for

organized suppliers have increased

and the company hope to tap this

market for increasing its customer

base across such chains

The company intends to enhance its

designing abilities to meet global

standards and to be able to gauge

the next trends in fashion before

other peers.

With the Investment in Technology the

company would able to provide quality

hallmarked products and outstanding

designs to its customers.

Currently the companies entire

manufacturing process is manual. The

company intends to enter into machine

manufacturing to reduce cost, increase

production and achieve edge over peers.

The company also intends to adapt a lot

of technology in its sales process

including building a B2B portal for its

clients.

Promoters Profile

Amrut J. Shah

Managing Director

Jawanmal M. Shah

Director

Having 20+ years of experience in manufacturing gold and

gold ornaments and handling a the entire team of people as

a business owner. Excellent understanding of the growing

trends in the country with an ability to anticipate the needs

of people. Knowledge of local and neighboring areas and a

member of a strong networking team that offers vital inputs

on business development.

Under Him Moksh has grown leaps and bounds and have

created a niche and become one of the reputed bangle

manufacturers in the country.

Have experience of more than 30 years in the Business of

manufacturing gold and gold ornaments. He Shifted to Mumbai and

started the Business of jewellery manufacturing. He has handled all

the work in order to escalate the Business. Have knowledge to

understand the quality of the products. Also have an excellent

understanding for the trends going on in the country.

He acts as a binding force for all the people in the company and

also help us with his far deeper domain experience.

Financial Highlights

Balance Sheet (Rs in lacs)

Statement of Profit & Loss A/c (Rs in lacs)

Key Financial Highlights

0

100

200

300

400

500

600

700

FY-13 FY-14 FY-15 FY-16 FY-17

EBIDTA (Rs in Lakhs)

0

200

400

600

800

1000

1200

FY-13 FY-14 FY-15 FY-16 FY-17

Networth (Rs in Lakhs)

CAGR of

74%

CAGR of

108%

Industry Overview

Industry Overview

Key Trends

Trends Growing

Organized Retail Space

Large Scale FDI & PE

Investment.

Aggressive Marketing & Advertising

Online Retailing of Jewellery

Preference towards

Affordable Jewellery

Large Scale Shows &

Exhibitions.

Financial Ratios

Valuation: If we annualize financials of October, then the latest earning i.e EPS is 3.01

(considering number of shares post IPO ) & hence P/E at the asking price 12.26x

Peer Analysis

*PE Ratio has been calculated on market price as on 14th December 2017.

**Market Capitalisation has been calculated as on 14th December 2017.

KEY:

PAT - Profit After Tax

EPS - Earning Per Share

PE Ratio – Price to Earnings Ratio

RONW - Return on Net-Worth

NAV – Net Asset Value

MKT CAP- Market capitalisation

Issue Highlights Issue highlights

Objects of the Issue

Sr. No. Particulars

1. Working Capital Requirements

2. Repayment of Loan

3. Issue Expenses

Investment Rationale

• The promoters have more then 30 years of experience in the industry and the company is a well known player in the industry.

Experience & Operational History

• The company is currently working with large brands and retail chains. The current clientele include Joyalukas, Malabar Gold, Ranka jewellers, Kalyan Jewellers etc.

Working with Large Brands

• The company has been consistently growing it’s revenues, EBITDA and PAT since its inception in 2012

Consistent Financial Performance

• Major shift witnessed from unorganized to organized due to change in lifestyle, rising disposable incomes and changing preferences have resulted in the growth of organized retail. Indian jewellery market slated to grow at 18-22% in the next 5 years

Organized Player

• Gold has been traditionally well financed by all Banks at reasonably good rates Easy Finance at very low rate

Thank you